Business
Agreement
Agreement.
About this update from Itm Power Plc
[{"type":"text","content":"\n ITM Power PLC\n04 December 2006\n\n\nMonday, 4 December 2006\n\n ITM Power Plc\n ('ITM' or 'the Company')\n\n Agreement\n\nITM Power announces today that it has signed a Memorandum of Understanding\n('MoU' or/and the 'Agreement') with ABRO, a Trading Fund of the Ministry of\nDefence which maintains vehicles and equipments owned and operated by the\nBritish Armed Forces, and in addition offers a maintenance service to\ncommercial organisations including Emergency Services, Local Authorities and\nAirports. The joint objective of the parties is to use ITM's technology to\ndevelop equipment which improves the capability (fuel efficiency and/or\npollution control) of diesel engines operating in military and civilian\nenvironments. Field trial testing of the developed equipment will be carried\nout.\n\nThe purpose of the Agreement is to provide the basis which will allow both\nparties to collaborate, share expertise and combine their respective core\nabilities to develop a number of equipment packages. These equipment packages\nwill be designed for retro fitting to specific vehicles and will be rigorously\ntested to establish the operational and commercial potential in a range of\nmilitary and civilian scenarios. The two organisations anticipate that\nsignificant mutual commercial benefits will result from the successful\ncompletion of this programme.\n\nThe combination of ITM's unique low cost electrolyser systems to supply hydrogen\nfor use in diesel engines and ABRO's unrivalled experience and facilities in the\nengineering and maintenance of vehicles of all sizes and types could provide an\nearly route to the acceptance and application of this technology in both the\nmilitary and civilian arenas.\n\nSubject to the production of satisfactory results from field trials, ITM and \nABRO will progress into detailed discussions with the intention of entering a \nformal commercial exploitation arrangement.\n\nJim Heathcote, CEO, ITM Power Plc, said: 'We are delighted to be working with \nABRO. I believe that the collaboration between our two organisations brings \ntogether complimentary abilities that could provide significant commercial \nopportunities for both parties.'\n\nPeter Moore, ABRO's Chief Executive added 'This agreement is excellent news, \nthe collaboration will bring together ITM's low-cost electrolyser technology and\nex...